When cryptos first came to the scene it was viewed as this Wild West frontier of finance where people could be free from the yoke of government regulation. It was good while it lasted, but now they’re just like any other asset and the government in fact has their beak just as far up Coinbase’s ass as it does Jp Morgan.
In view of the sanctions applied on Russia by the US govt, Coinbase blocked over 25,000 accounts for the crime of being Russian.
Coinbase indicated that the 25,000 blocked accounts were “related to Russian individuals or entities we believe to be engaging in illicit activity.” It didn’t specify when precisely they’d been blocked or how many of the restrictions were related to the current sanctions — in one example, for instance, Coinbase cited a 2020 sanction against a specific Russian national with 1,200 potentially linked accounts.
“COINBASE FULLY SUPPORTS THESE EFFORTS BY GOVERNMENT AUTHORITIES”
And that’s that.
In more interesting news is China. So far they are ignoring US requests to sanction Russia. It’s truly remarkable to see the weaponization of money and resources.
“China is definitely against unilateral sanctions that are not based on international law. Brandishing a sanctions baton will not bring peace and security. It will only lead to serious issues for the economy and the quality of life in the corresponding countries,” Chinese FM
The US threatened China yesterday to fall in line else get sanctioned too. Markets do not seem to care at all, with the Dow now higher by 660, oil down more than 5%. The 10yr is inching back closer to 2% now and 30yr mortgages approach 4.5%.
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Don’t forget 10% for “the big guy”…
Pay NO ATTENTION to the man behind the curtain, it’s all the Rooskies fault!
All bullish crypto.
How to banklessly trade oil internationally:
Determine amount, price, delivery, terms
Put money(crypto) in smart contract escrow (time < 1 hr.)
Deliver product
Release funds
No trust needed, no SWIFT, no huge fees, no wire delays, no sanctions, no one can stop the funds transfer.
Fluctuation concerns? Use USD stablecoins
Nothing is this simple, but these options did not exist before
@SenseiHov
With all the shit we’ve seen, ie freezing assets & wallets
All eyes on privacy coins moving forward
Once
@HavenXHV integrates @THORChain it’s game over
You can swap any of your NATIVE KYC’d assets to nonkyc’d assets
No trail
Then convert to xUSD for private stablecoin
Crisis, what crisis?
https://twitter.com/ASBMilitary/status/1501565371580657665
Coinbase is a “trusted” 3rd party, just like your brokerage account, bank account, cc.
If there’s a national security issue, e.g. trucker convoy, your account may be disabled.
DEX’s, DeFi & DAO’s are (v) hard(er) to shut down depending on various factors including how decentralized they are. Hence grandma Janet’s concerns. The horse has already left the barn grandma.
Privacy coins